What is ConstitutionDAO (PEOPLE)?

Deep Dive

1. Purpose & Value Proposition

ConstitutionDAO was a decentralized autonomous organization (DAO) formed in November 2021 to collectively bid on one of 13 original U.S. Constitution copies at a Sotheby’s auction. It raised $47 million in Ethereum from over 17,000 contributors, showcasing crypto’s potential for grassroots fundraising. Despite losing the auction to billionaire Ken Griffin, the effort became a cultural milestone, blending crypto enthusiasm with historical preservation.

2. Tokenomics & Governance

The PEOPLE token was initially a receipt for ETH donations. After the DAO dissolved, refunds were processed, but the token remained tradable. With no governance mechanisms or utility, its value now hinges on community sentiment and its symbolic role as a relic of a viral crypto movement. The fixed supply of ~5.06 billion tokens avoids inflation but lacks burn mechanisms or staking incentives.

3. Evolution into a Memecoin

PEOPLE has transitioned into a “PolitiFi” memecoin, often rallying around political events or nostalgia for its origin story. While it lacks traditional fundamentals like protocol upgrades or partnerships, its 19,000+ holders and listings on exchanges like Bit2Me and Uniswap sustain liquidity (Bit2Me).

Conclusion

ConstitutionDAO’s PEOPLE token endures as a testament to crypto’s capacity for collective action, now thriving on memetic appeal rather than its original purpose. Could its symbolic value outlast its functional irrelevance, or will fading nostalgia erode its relevance?